Representatives of the ruling party Fidesz and its small satellite partner Christian Democrats voted this Tuesday to prohibit large-size retail shops from opening on Sundays. No impact study has preceded the ban that is believed to be leading to layoffs.
A shop of products from India and other ‘exotic’ places, as well as a provider of Ayurvedic and Yoga services, in downtown Budapest caters to foreigners and Hungarians alike. It is also an 'institution' that helps attract Indian businesses to Hungary.
The volume of Hungary’s retail sales declined by 0.4% month on month in September, which marks the continuation of this year’s forlorn trend. The sector suffered the biggest contraction of the past two and a half years in the third quarter.
In early 2012, a new retail format, a multi-level Outlet Plaza will open its doors in central Budapest. The 10,000-square-meter retail center is a new retail format in Hungary, as outlets are usually located outside of the city.
Some 53 percent of Hungarians spent less on Christmas preparations this year than last year and only 7 percent said they had spent a significant amount, a survey by Nezopont Institute released on Wednesday shows.
